Apple has just released its earnings report for Q1 2014 and has reported revenue worth $57.6 billion. Of this, net profit was $13.1 bilion which corresponds to a 5.7 percent growth in revenue year on year. The company has reported iPhone sales to the tune of 51 million devices sold. This mix was biased towards the iPhone 5s as was revealed in the earnings call. The underlying intent was clear that the iPhone 5c wasn’t as big a success as Apple might have wished for.
Sales of the iPad grew 13.5% year on year and the company moved 26 million units. CFO Peter Oppenheimer claims that demand remained stronger than supply and supply constraints not withstanding, the company could have sold more iPads. Apple also sold 4.8 million Macs while the iPod line up continues to show declining sales with 6 million units sold.
“We are really happy with our record iPhone and iPad sales, the strong performance of our Mac products and the continued growth of iTunes, Software and Services,” Apple CEO Tim Cook said in the release. “We love having the most satisfied, loyal and engaged customers, and are continuing to invest heavily in our future to make their experiences with our products and services even better.”
While Apple set a record with 51 million iPhones sold, the estimates fell below market estimates and analyst predictions. The company was expected to move between 54 to 56 million iPhones. What is interesting is that right in line with industry trends, Apple too is facing signs of declining growth. YoY growth for iPhones declined from 29.5% in the previous year to just 6.7% between Q1 2013 and Q1 2014.